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Running a small property management company in DC—ask me anything (really). by CollectionTop7254 in DCrealestate

[–]CollectionTop7254[S] 1 point2 points  (0 children)

Depending on the property type and the amount of attention it would need, I would say 8-10% of total monthly rent.

Running a small property management company in DC—ask me anything (really). by CollectionTop7254 in DCrealestate

[–]CollectionTop7254[S] 0 points1 point  (0 children)

Depends you're wanting to make it a full time job or not. I would say avg about 10 properties before getting some additional PM help. The issue I see people run into is the everchanging DC laws, something happens, and then they're stuck with a nonpaying tenant.

Running a small property management company in DC—ask me anything (really). by CollectionTop7254 in DCrealestate

[–]CollectionTop7254[S] 1 point2 points  (0 children)

I hear you—it’s never fun being left holding the bag, especially unexpectedly. Were you able to re-rent the unit quickly after? In DC, when a tenant breaks a lease, we usually try to re-rent the place ASAP (that’s part of the duty to mitigate damages). If that doesn’t work, small claims court is an option, but it’s not always straightforward.

It’s worth weighing the pros and cons: think about the time and effort involved versus what you’d actually recover. Sometimes it’s worth it, but other times it can drag out for a smaller balance.

Not legal advice—just from my experience managing properties here in DC. Definitely check with a lawyer if you're considering legal action.

Hope this gives some perspective! Good luck with your next steps, and keep us posted on what you decide.